Tuesday 17 September 2019

Logistics and sales support group DCC sees its revenue jump 15pc

DCC chief executive Donal Murphy
DCC chief executive Donal Murphy
Ellie Donnelly

Ellie Donnelly

Diversified Irish logistics and sales support group DCC has reported revenue of £1.86bn (€2bn) for the six months to 30 September.

This represents a 15pc increase year-on-year.

Adjusted operating profit increased 16pc to £142m (€163m) for the half year period, according to a trading update from the group.

DCC said that all divisions were performing "in line with expectations".

The group continues to be active from a development perspective and committed approximately £270m to new acquisitions since the preliminary results in May 2018, it said.

Meanwhile its interim dividend increased by 10pc to 44.98 pence per share.

Commenting on the results, Donal Murphy, CEO of DCC, said:

"I am pleased to report that the first half of the year has been another active and successful period for DCC. The business has performed strongly, with group operating profit well ahead of the prior year and trading across each division in line with expectations."

"The recently completed acquisitions of Stampede and Jam further demonstrate DCC's increased opportunity set for development resulting from the group's increased geographic presence."

In September the group raised more than €680m in a share placement, a figure that represents 10pc of the issued share capital of the FTSE-100 company. DCC said it intends it will use the proceeds for the "continued implementation" of its "targeted acquisition strategy".

It said it has spent £900m (€1bn) on acquisitions in the last 12 months.

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